$BTC Bitcoin price started a fresh increase from the $115,000 zone. BTC climbed above the $116,500 and $117,800 resistance levels to move into a positive zone.
Besides, there was a break above a key bearish trend line with resistance at $118,300 on the hourly chart of the BTC/USD pair. The bulls were able to push the price above the $118,500 resistance. A high was formed at $119,795 and the pair is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $114,733 swing low to the $119,795 high.
Bitcoin is now trading above $118,800 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $119,800 level. The first key resistance is near the $120,000 level.
The next resistance could be $120,500. A close above the $120,500 resistance might send the price further higher. In the stated case, the price could rise and test the $122,500 resistance level. Any more gains might send the price toward the $122,500 level. The main target could be $123,200.
